“Google Won’t Compete With PayPal” ;o)

According to a New York Times report, Google CEO Eric Schmidt announced yesterday that Google will not be competing with PayPal stating, “We do not intend to offer a person-to-person, stored-value payments system.” He would not elaborate any further.

What exactly is Google up to then? In truth it’s anyone’s guess however it’s likely that they will simply act as a standard payment processor, initally for those goods and services listed on Froogle and then advancing further as their market expands.

Who wouldn’t use Google as their payment processor or at least provide whatever payment services they offer for a chance to win a quick brownie point from the God Internet Traffic?

Will they compete with PayPal? Apparently not directly … they’ll just sneak in with something new that we’ll use even more. Why? Because when it comes to Google they’re in a Field Of Dreams. “Build it and we will come.”